Avie Schneider | KGOU
KGOU

Avie Schneider

The CEOs of Amazon, Apple, Facebook and Google are set to testify before a House antitrust subcommittee Wednesday about whether their companies have too much power.

For Amazon founder and CEO Jeff Bezos, it will be his first appearance before Congress. He begins his prepared remarks with a personal story, as he often does in public appearances:

Updated at 11:34 a.m. ET

New claims for unemployment benefits rose last week for the first time in four months — since March 28 — as states began reimposing lockdown restrictions in an effort to reverse a surge of coronavirus cases.

More than 1.4 million new claims were filed during the week ending July 18, an increase of more than 100,000 over the week before, the Labor Department reported Thursday.

Updated at 12:45 p.m. ET

The dramatic collapse of the U.S. economy from the coronavirus is pummeling America's largest banks, raising new concerns about how much growth is slowing.

Updated at 10:21 a.m. ET

Another 1.5 million people filed for unemployment benefits for the first time last week, a decline of 58,000.

But the number who are continuing to seek the payments is continuing to fall as workers return to their jobs. The Labor Department said continued claims dipped by 62,000 to 20.5 million.

In the past 13 weeks, since the early days of the coronavirus crisis, new claims have totaled a staggering 45.7 million. New weekly filings peaked at nearly 6.9 million in March and have been dropping ever since.

Updated at 3:36 p.m. ET

The Justice Department is proposing legislation to curtail online platforms' legal protections for the content they carry.

The proposal comes nearly three weeks after President Trump signed an executive order to limit protections for social media companies after Twitter began adding fact checks to some of his tweets.

Updated at 4:05 p.m. ET

U.S. stock markets surged Tuesday after reports that retail sales rebounded strongly in May and that the Trump administration is preparing an infrastructure plan to boost the economy, which has been battered by the coronavirus crisis.

Updated at 4:59 p.m. ET

After opening sharply lower, U.S. stock indexes climbed Monday after the Federal Reserve announced it will begin buying corporate bonds. It was the central bank's latest step to help an economy battered by the coronavirus pandemic.

The Dow Jones Industrial Average closed up 157 points, or nearly 0.6%, and the broader S&P 500 index rose 0.8%. The Dow was down nearly 600 points shortly after the opening.

Updated at 4:05 p.m. ET

Stock prices rebounded Friday, one day after a punishing drop triggered by fears that the coronavirus cases are increasing in the Sunbelt.

The Dow Jones Industrial Average closed up 477 points, a gain of 1.9%. The broader S&P 500 index climbed 1.3%.

A day earlier, the Dow lost 1,861 points, or about 7%, and the S&P 500 dove nearly 6%.

The pain in the job market continues as an additional 1.5 million sought jobless benefits for the first time last week, down 355,000 from the prior week. Continued claims fell by 339,000 to 20.9 million, a sign that more people are returning to work as the economy reopens after pandemic lockdowns.

More than 44 million first-time claims have been filed in the past 12 weeks.

Tens of millions of people are out of work because of the coronavirus pandemic, but Amazon says it's willing to keep 125,000 people it hired to deal with the online shopping spike as permanent workers.

The company hired 175,000 temporary workers as people stuck at home because of the pandemic switched to shopping online. Now Amazon says it's offering most of those workers permanent full-time jobs.

Updated at 9:38 a.m. ET

More than 1 in 4 U.S. workers have lost their jobs since the coronavirus crisis shut down much of the economy in March.

Just last week, another 2.1 million people filed for unemployment benefits, the Labor Department said Thursday. That's down 323,000 from the previous week but brings the total for the past 10 weeks to 40.8 million, which represents 26% of the civilian labor force in April.

Updated at 5:36 p.m. ET

Tensions between President Trump and Twitter escalated Wednesday as he threatened to "strongly regulate" or shut down social media platforms, which he accused of silencing conservative viewpoints.

Updated at 5:19 p.m. ET

Nearly 3 million people filed for unemployment benefits last week — bringing the total to 36.5 million in the past eight weeks, the Labor Department said Thursday.

The number of people filing claims has been steadily dropping for weeks, since hitting nearly 7 million during one week in March. Still, claims remain at historically high levels, suggesting that the coronavirus isn't done pummeling the U.S. economy.

The private sector slashed a record 20.2 million jobs between March and April — a somber preview of Friday's monthly jobs report. That's up from the 149,000 private jobs cut a month earlier.

Updated at 8:46 a.m. ET

The number of people forced out of work during the coronavirus lockdown continues to soar to historic highs. Another 4.4 million people claimed unemployment benefits last week around the country, the Labor Department said.

That brings the total of jobless claims in just five weeks to more than 26 million people. That's more than all the jobs added in the past 10 years since the Great Recession.

Updated at 4:29 p.m. ET

A severe oversupply continued to hammer oil prices a day after they turned negative for the first time ever. That sign of crashing demand in the global economy sent stocks indexes down again.

The Dow Jones Industrial Average closed down 631 points Tuesday, a drop of nearly 2.7%, after tumbling 592 points, or 2.4%, a day earlier. The Dow is down 22% from its record high in February.

Updated at 8:43 a.m. ET

The number of people filing for unemployment climbed by another 5.2 million last week as the toll of the nation's economic dive amid the pandemic continues to mount. That number is down from the revised 6.6 million in the week that ended April 4, the Labor Department said.

But in the past four weeks, a total of 22 million have filed jobless claims — nearly wiping out all the job gains since the Great Recession.

Updated at 5:36 p.m. ET

Hank Paulson says the world and America are "facing a health and economic crisis unlike anything in our modern history."

Paulson knows a thing or two about a financial crisis. In 2008, as Treasury secretary, he helped steer the United States out of the worst financial crisis since the Great Depression.

Updated at 10:38 a.m. ET

The number of new people claiming unemployment benefits totaled a staggering 6.648 million last week — doubling the record set a week earlier, the Labor Department said Thursday.

In the prior week, ending March 21, a revised 3.307 million initial claims were filed.

In just two weeks, nearly all of the jobs gained in the last five years have been lost.

Updated at 4:07 p.m. ET

The stock market has never seen a month like March. The Dow notched losses and gains of 1,000 points to as many as 3,000 points in a day in reaction to the coronavirus pandemic and its economic toll.

The Dow Jones Industrial Average has recovered from recent lows, but it's still down nearly 14% this month.

And the blue chip index is 26% below its recent peak in February. At its low on March 23, it was down a staggering 38% from the record high.

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